Updated: April 08, 2020 06:17 PM
Created: April 08, 2020 04:07 PM
The coronavirus pandemic is creating all sorts of questions about the housing market.
Many are wondering if it's a good time to buy or sell, and real estate experts agree their business looks a lot different right now.
"I've been doing this for 19 years and I don't think any of us have ever seen anything in the world quite like it," said Cassie Frick, real estate consultant for Edina Realty.
Real estate is considered an essential service. While open houses are suspended, in-home visits are still allowed with realtors taking strict measures.
"Leaving the lights on so nobody has to touch any switches and so forth, wearing gloves and masks, and agents and clients driving seperately to houses," said Linda Rogers, Board President of the Minneapolis Area Realtors Association.
But shopping for a home isn't the same with social distancing and a 'stay at home order.'
"You adapt, you figure it out," Frick said.
Frick said many are choosing the new alternative of using technology like Zoom or FaceTime to show a home, and added pictures and videos to share with potential buyers.
"I'm writing my first offer right now on a property that clients have not physically been in because they're not comfortable physically going out," Frick said.
So how does this pandemic compare to the housing market crash of 2008? Many experts say it's much different.
"In 2008, we had a tremendous amount of inventory, and today we are still in an inventory shortage," Rogers said.
Rogers said if you're selling, prices are historically very strong.
"It actually is a good time to put your home on the market," Rogers said.
If you're looking to buy, experts say don't be afraid because of uncertain times.
"If the right house comes to market right now for you and you have to move, let's figure it out, we're going to problem solve it," Frick said.
Many in real estate agree it's okay to wait, too, because just like the market, they'll be there when we turn the curve.
"Anytime we have something like this happen to the market, we always come out stronger, better and smarter with better ways to do business," Rogers said.
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